Cryptocurrency has been the talk of the world in recent years, yet there might be some confusion as to what exactly it is. Without it being physically available, people often do not understand how it works, how it is regulated, and where you can buy it. Let’s get into the details and we’ll share all you need to know about digital currency.
What is Cryptocurrency? Cryptocurrency, by definition, is a digital asset that can be used for exchange. This is generally done across online platforms, on stock markets, or even in the purchasing of goods in certain settings. People likely have heard of Bitcoin, one of the largest cryptocurrencies available, but there are several others including dogecoin, Ethereum, and more.
How Do You Buy Cryptocurrency? There are several ways that you can buy cryptocurrency. There are numerous websites to choose from including Coinbase, eToro, and others. Many of these websites allow you to take your physical asset—cash or credit card payment—and turn it into cryptocurrency. This is the easiest way for people to transfer their currency and get properly set up with more cryptocurrency in their wallets.
How Do You Invest in Cryptocurrency? Investing in cryptocurrency can occur on several different platforms. There is truly not a one-size-fits-all policy with trading, selling, and buying cryptocurrency. In fact, the best part of this is the fact that there is no central regulation for the currency. That means you can buy, sell, or trade cryptocurrency across markets at all hours of the day. Unlike the stock market, there is no control over the hours or the prices, and they are determined independently by the buyers and sellers of the currency themselves.
Where Do I Buy Cryptocurrency? In order to buy cryptocurrency, there are a few paths that you can take. One of the most popular options today is Robinhood. The platform offers much more than just cryptocurrency, but keeps it convenient in one place, whether you use websites or phone applications to keep up to date with the progress of your cryptocurrency.
There are also numerous others such as BlockFi, Coingate, Gemini, and more. These are some of the best trading platforms available. People also end up using Unifimoney, which can trade up to 33 cryptocurrencies on their platform alone. While they each have their own terms of service and their own requirements, they still offer plenty of options to people looking to get integrated in the cryptocurrency trading platforms.
How Does Cryptocurrency Work? Cryptocurrency itself is very much like any other sort of financial resource. You can use it to pay for items, just like a bank card, credit card, or even a PayPal account. There are many ways that you can use cryptocurrency, including paying for online games, products, and more. It is often just physical currency transitioned into digital currency, creating another form of the same asset to use.
Many people often invest time creating a digital wallet that you can use across multiple platforms. This helps them to access their funds and use their currency on different platforms. Others like to have a card that has their cash on it, or even an application on their phone. There are many ways to keep your currency safe and accessible for you to always use.
How Do I Keep My Cryptocurrency Safe? Finding the right resources is important, and you want to keep your money safe! There are many options for you to choose from including wallets, debit cards, and more. It all depends on what you enjoy and what you feel more comfortable with.
One of the best resources that many cryptocurrency users like is Get Blockcard, which is a cryptocurrency debit card. It was originally launched in 2019 in order to create more flexibility, feasibility, and choices for individuals who have cryptocurrency. It is one of the first of its kind and it is truly one of the more popular options for digital currency wallets, debit cards, and more.
For those who want to have something more substantial for keeping their cryptocurrency on hand, Keevo is the next generation of cryptocurrency wallet that has security, simplicity, and helps you keep your funds on hand in physical form. There are even bitcoin IRAs that you can create to keep your savings intact and growing over the years. BitcoinIRA is the most popular currently!
How Do You Mine Cryptocurrency? Mining cryptocurrency is not for everyone, but even a basic computer novice would be able to complete this task with the right resources and steps taken.
Despite the name, there is no physical activity usually required to procure the digital currencies. The best way to do this is to follow a set of steps to help you create mining software and the best system on your laptop or computer to complete this task. Here is how most people are able to accomplish mining cryptocurrency:
1. Buy a computer hardware system that is capable of handling this task
2. Set up an appropriate cooling system
3. Set up a digital wallet for your cryptocurrency
4. Download the mining software of your choice
5. Join a mining pool once you find one you want to join
At this time, you are allowed to mine your own cryptocurrency, but it should be done with caution. Even in an unregulated market, there are some countries that do not allow this to happen. If you happen to live in regions like Algeria, Egypt, Ecuador, Nepal, and Pakistan, you will likely face fines if you do try to mine cryptocurrency. Everywhere else around the world, for the most part, allows you to mine as much digital currency as you would like!
Are There Any Other Resources I Should Know About? Yes! There are always plenty of digital resources that you can use if you want to further your experience with cryptocurrency. DChained is a great place to start as it is an online educational resource for people to learn more about cryptocurrency.
For more information about cryptocurrency, feel free to reach out to us and check out the resources we provided!
